The Pence Growth portfolio seeks long-term growth of capital. It aims to achieve this objective through a portfolio consisting of a minimum allocation of 70% US domestic companies and up to 20% allocation to fixed income. These companies are relevant to Pence’s investment theme of disruptive technologies and puts consumer behavior at the center of the process.
Pence’s investment process begins with looking at Big Knowable Themes from changing consumer behavior to technological innovations. The portfolio aims to achieve long-term capital appreciation by identifying and investing in companies that demonstrate robust financial health, innovative capabilities, and competitive advantages.
Investment Process
Standard allocations in this composite are generally up to 80% equity and up to 20% fixed income and/or cash.
The portfolio utilizes between 50 and 70 holdings varying from 1% to 6% weighting with market cap over $10 billion and projected sales over $1 billion.
Fixed income selections are typically in the form of an ETF, varying in duration and credit quality profile depending on market conditions.
During periods of volatility, higher cash positions may be held to limit downside.
Asset Allocation
As of Q2 2025
Gross Returns
As of Q2 2025
Top Holdings
Name
Portfolio %
Nvidia
3.2
Microsoft
3.2
Amazon
2.9
Alphabet
2.9
Meta
2.8
Apple
2.8
Visa
2.3
Mastercard
2.3
Broadcom
2.3
AMD
2.3
Characteristics
Portfolio
Standard Deviation % (260d)
14.2
Weighted Average Capital ($B)
704
Median Market Cap ($B)
279
% Top 10 Holdings
26.9
Dividend Yield %
2.21
Price/Earning (12mo Trailing)
26.5
Price/Earning (12mo Forward)
22.2
Price/Book
6.9
Price/Sales (12mo Trailing)
3.2
Price/Cash Flow (12mo Trailing)
19.4
Total Holdings
63
Long-term Earnings Growth (%)
11.2
Long-term Sales Growth (%)
8.4
% of Portfolio in Cap Range
Portfolio %
> $50 Billion
98.6
$10-50 Billion
1.4
<$10 Billion
0.0
S&P/ MSCI GICS
Portfolio %
Information Technology
33.6
Communication Services
15.1
Consumer Discretionary
9.9
Consumer Staples
13.3
Industrials
9.6
Health Care
9.1
Financials
7.6
Energy
1.7
As of Q2 2025
Disclosure
The following composite benchmark is used for the Growth Model
80% – S&P 500 INDEX
20% – Bloomberg US Aggregate Bond Index
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Strategies
Our investment strategies seek to capitalize on thematic, long-term investment trends built on a close study of human behavior.
Pence Capital Management develops investment strategies for distributors and model portfolios for advisors. To invest in Pence Capital Management Strategies, please contact your broker or advisor.
